Dow Breaches 17,000 As VIX Plunges To New Feb 2007 Lows

Stocks ignored yesterday';s spike lower in VIX but didn't today. VIX closed at 10.3 - its lowest close since Feb 2007. Stocks initially dropped on the 'good news is bad news' payrolls report but thanks to ECB jawboning the EUR down (USD up), USDJPY went on a stop-run and blew back through 102 providing just the ignition to get stocks going. Bonds sold off on the jobs print but rallied back all day to close only 2bps higher in yield. The USD rose over 0.4% - its best day in 2 months. Gold, silver, and copper rose after the jobs data. Stocks rallied ~0.4% from the payrolls print and closed with a 'standard' melt-up buying panic into the long-weekend.

Stocks rallied ~0.4% from the payrolls print (after an initial drop)

and the Russell went totally dead after Europe closed...

USDJPY started it but didn't finish...

But VIX was large and in charge as it tumbles back to a 10-handle

But bonds didn't buy it at all...

FX markets were very noisy - the Riksbank surprised with bigger-than-expected rate cut (and SEK dumped) and then Draghi and US jobs sent EUR lower and USD higher (closing +0.55%!)

Gold and silver slipped into the print then were jammed lower and rallied for the rest of the day. Copper continues to surge in CCFD unwinds...

Let it go to the moon. I hope it does. Parabolic. Let every capitalist, socialist, libertarian, conservative, liberal, religious, atheist, fascist, utopian, distopian, nihilist dream come true. Then maybe we can put this culture to bed and see what greets us in the morning.

I was thinking "Cousin Brucie" and Elvis actually cuz this market is all about the rock and roll.

Small caps still sucking wind all year which makes for an intriguing short term "poke" as the market might be regrouping here for a major move higher. It would be inflationary as the Fed is no longer squeamish about being openly "dual mandate." That adds risk to the debt market...on the other hand it adds reason to the small cap space as an inflation hedge.

Just saying. The only way Dortmund in that world is to be on the long side as that's where the juicy "big money deals" reside. No surprise that the media is all on board this as they have a lot of deals they want to swing too.

It is amazing the market goes up "as if it can be just spoken higher" but these things have happened before (Netscape being a textbook example.)

Lots of ammo for a short squeeze here and the best place for a speculative blowoff top are the "little guys."

I'll go out on a limb here and say the markets are going to get "bitch slapped"next week before going into earnings.

Ohh by the way, did all those GBP longs catch that services PMI miss last night? (75% of the U.K. eCONomy is services)

Germany is cracking, and Draghi has chewed through all his fingernails, and is starting on his toenails... He looks like a fucking albino orangutan trying to find his banana during his press briefings.

bank earnings have been a hoot for the past half dozen quarters. i cringed all through 2006 and 2007 when they announced the squid's earnings because they were so bloated you just knew someone was getting screwed (all of us as it turns out). now i just marvel at how much blood they can all squeeze out of that (loan loss reserve) turnip and no-one seems to care.

Just wait! Watch what happens when the FSA starts to march up north along I-95 and the Merritt Parkway. All of those bedroom communities will become minature copies of Mogadishu, Somalia after that. That is why I am getting my emergency Bug Out Service Systems consultency ready to make a lot of money. Have you ever been to Westport Connecticut? There are a lot of wealthy, famous people living there.

I just had a thought...has anyone been able to take any significant money OUT of the markets recently?

Not the big guys, I mean smaller investors. Like, if you needed to get a couple grand out for something, is it easy? Or do you run into walls of resistance, fees, wait times, someone talking you out of it, etc?

Because it occurred to me that it would be a lot easier to keep an inflated market up if you could block access to the fire doors.

wall street used to be a place for a business to raise capital when they could not finance from their savings and the banks thought it too risky

now, it is just a casino masquerading as a market....and the casino has access to UNLIMITED credit - you can't play and win against someone with unlimited credit....they will just keep raising their bets until they take all your savings and then some.

Easy money day. If employment comes out below expectations, it means more FED QE, hence stocks would be up. If it comes out above expectations, stock will be up because "recovery, bitchez"! :) It has become beyond pathetic.

Wouldn't want to miss the fireworks on this one. Even if one were to limit cost to just what you'd have for a not-too-insane option contract (vxx call, spy put, whatever), say, $400 or less, one could probably still get 140 HVU shares for the same price & they don't expire like options do.